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First Time Buyer mortgage with a 2nd home

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  • 18-08-2023 2:33pm
    #1
    wicklow_hunter
    Registered Users Posts: 156 ✭✭


    Hi All


    My partner an I are looking to buy a second property. We built our own home 4 years ago without a mortgage. Looking for a second investment property and recently clapped eyes on another beech front property that has our heads spinning.

    Rang one of the main banks and there telling me that I can qualify for a ' First time buyer mortgage. This is great as I don't need a 30% deposit. However they did mention It had to live there as my primary residence which isn't my intent


    Any1 on here gone down this route over a buy to let.? How strict are the banks on this practice.


    Curious to know how it would work out in practice in terms of putting down expenses to offset the costs from the rental (new property)


    Could the mortgage be switched between a standard mortgage over to a buy to let down the road?

    Post edited by wicklow_hunter on


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    #2
    dennyk
    Registered Users Posts: 1,700 ✭✭✭dennyk


    Claiming you plan to occupy the property as an owner-occupier when you actually plan to live elsewhere and let it out would be fraud. Probably you shouldn't do fraud, and if you do do fraud, you really shouldn't ask the Internet how to do the fraud you are planning to do, as it won't look very good for you when your Boards posts and/or Google searches are being read to the jury.



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